Though not as hard-hit as some industries, US construction has been derailed by COVID-19. But as the economy ramps back up, here are three reasons construction could be a boon to recovery.
These are dark times for the US economy. Since the COVID-19 crisis began, gross domestic product (GDP) fell 4.8%, its first decline since 2014 and the biggest since the Great Recession. Unemployment reached 14.7% in April 2020, marking America’s highest jobless rate since the Great Depression.
Stay-at-home orders were a punch to the gut to the airline, hotel, and restaurant industries. Construction firms also received a grim prognosis. “Project postponements and cancellations are now commonplace, with construction backlog failing to be the protective shield that it normally is during the early stages of economy-wide recession,” says Associated Builders and Contractors (ABC) Chief Economist Anirban Basu.
According to ABC, the US construction industry lost 975,000 jobs in April alone, which is the most severe one-month decline in construction employment ever and the steepest drop since the late 1930s. Add the losses at architecture and engineering firms, which shed another 85,200 jobs in the same month, and it’s evident that COVID-19 has taken a wrecking ball to American building.
But the news isn’t all bad. If you look closely, construction isn’t just a victim of the COVID-19 pandemic—under the right circumstances, it also could become a hero that helps the country recover from it. Here are three reasons to think that it might.
Read on >>>> Source: Redshift by Autodesk 3 Reasons Construction Will Be an Economic Bright Spot After COVID-19